From filing ITR to updating bank KYC; 6 things you must do before March 31

 


New Delhi | Jagran Education Desk: Planning is an important thing to do to keep your finances and other life and work-related tasks to be sorted. Doing it beforehand is all the more important to avoid last-minute hassle. If you haven’t done it, here are six things you must know that need to be completed before March 31st.  

6 things you must do before March 31st: 

Link Aadhar-pan card

The deadline for linking the Aadhaar card with the PAN card has been extended. Now the last date to link your Aadhaar with PAN card is March 31st. If you have not linked these two important identification cards, you must do it at the earliest. After the deadline, the PAN card of those people will become inactive, who haven’t linked it with Aadhaar and they will not be able to make any financal transaction requiring PAN number.

Update KYC with Bank

The deadline to complete KYC in the bank account has also been extended to March 31st. Account-holders should update their KYC as soon as possible to avoid any transaction disruption. Also, note you will require PAN card for this process.

Advance tax filing

Readers must know, that under the Income Tax Law of India, people with a tax liability of more than Rs 10,000, are supposed to pay advance tax in four installments before March 15. If you are a salaried employee, your employer may have already deducted the tax from your salary.

Invest to save tax

If you wish to save tax, you must invest in tax saving schemes like Public Provident Fund, National Pension Scheme, Sukanya Samriddhi Yojana etc to avail tax-saving benefits under Section 80C. In case you have already invested in these schemes, you need to make a minimum contribution before 31st March to keep the account active.

File income tax return

Readers should note that the last date to file income tax returns for the year 2021-22 has been extended till March 15. So, you must file the returns before the deadline to avoid penalties.

Pay pending tax

People who have a pending tax appeal or petition can get a full waiver of interest or penalty on paying their disputed taxes on or before March 31, 2022. Therefore, it is advised to resolve any dispute and make the pending payment at the earliest.

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